Customer Foreign Currency Accounts

Customer Foreign Currency Accounts

Designed for South African businesses with offshore trading liabilities, a Customer Foreign Currency Account (CFC) is a convenient platform and can be held in the following currencies – AUD, CAD, CHF, EUR, GBP, JPY and USD. These businesses are specifically importers and exporters, as well as service entities like ships agents, freight forwarders and marine insurance brokers that need to make foreign currency payments.

Bidvest Bank CFCs can be held in:

  • Australian Dollar (AUD)
  • British Pound (GBP)
  • Canadian Dollar (CAD)
  • Euro (EUR)
  • Japanese Yen (JPY)
  • Swiss Franc (CHF)
  • United States Dollar (USD)

A Customer Foreign Currency Account is subject to the South African Reserve Bank's corporate exchange control regulations.